Search found 27 matches

by tflood
Fri Jan 13, 2017 12:12 pm
Forum: Hard-to-Place Accounts
Topic: Painter with job above 3 stories
Replies: 3
Views: 5033

Re: Painter with job above 3 stories

what state?
by tflood
Mon Oct 17, 2016 10:47 am
Forum: Hard-to-Place Accounts
Topic: Agent Compensation Ideas
Replies: 11
Views: 8894

Re: Agent Compensation Ideas

Carrier X comes in and wants $100,000 of new premium for personal lines. If the average premium is $2,000, you only need to write 50 new accounts. So let's think about this and I'll show you why it's not profitable. First, understand that the average P/L Close Rate = 25% (some may be higher, but thi...
by tflood
Fri Mar 11, 2016 7:44 am
Forum: Opinions
Topic: How Many Producers Do We Need?
Replies: 2
Views: 36378

Re: How Many Producers Do We Need?

I think you are misstaffed with 3 producers and one administative / support staff person. A producers book will eventually plateau if there is no seperation of sales and service. A sales coach once told me that a Producers #1 diminishing asset is the producers time. If they're caught up in service w...
by tflood
Fri Feb 20, 2015 11:27 am
Forum: Opinions
Topic: allstate office in upstate ny
Replies: 10
Views: 17097

Re: allstate office in upstate ny

if you want to jump into the commodity game, go for it.
Remember, "if you want it bad, you usually get it bad"
Just sayn
by tflood
Thu Oct 30, 2014 10:35 am
Forum: Opinions
Topic: Inherited an insurance agency
Replies: 7
Views: 4509

Re: Inherited an insurance agency

My dad passed away unexpectedly 14 years ago Nov. 1st, and I bought the agency out from the estate. However, I had been in the business working with him 10 years prior, so I was already into it and the carriers knew me. But is this always what I wanted to do, no. Honestly, your headaches are just be...
by tflood
Mon Jul 16, 2012 10:32 am
Forum: Opinions
Topic: AMS360 for accounting?
Replies: 18
Views: 36534

Re: AMS360 for accounting?

you deposit all the clients checks for agency billed items into the trust account. At the end of the month, run an AMS360 accounting report and it will tell you the total "agency bill income" received for that month. You then transfer that amount into your operating account. That is assuming that yo...
by tflood
Mon Jun 14, 2010 10:38 am
Forum: Opinions
Topic: Making the switch! AM to CL Producer
Replies: 4
Views: 3767

Re: Making the switch! AM to CL Producer

Salary doesn't matter. What matters is your unique ability. The first question to ask is: What is your unique ability? Unique ability is a combination of your talent, the passion you have for using it, and the incredible value it creates for others. There are no tests for these abilities, and they’r...
by tflood
Thu May 20, 2010 10:59 am
Forum: Opinions
Topic: Independent Agent Sub Producer Commission Structure
Replies: 16
Views: 24621

Re: Independent Agent Sub Producer Commission Structure

I wouldn't want to be audited by the IRS on that producer who is making 400k a year from your firm. If he derives the majority or sole source of income from you, and he's not a dba, LLC or S-Corp, the IRS would construe that person as an "employee" That being said, I wouldn't take a 100 of them.. "i...
by tflood
Thu May 06, 2010 11:41 am
Forum: Opinions
Topic: New Insurance Agency Startup Questions
Replies: 22
Views: 38959

Re: New Insurance Agency Startup Questions

I would go for it! Look into contacting an SIAA Agency- they have contracts with multiple top tier carriers such as Hartford, Travelers, etc. Build your volume up w/ these carriers and eventually you may be able to contract with them directly. Plus, you get to share in profit sharing with SIAA. SIAA...
by tflood
Fri Apr 16, 2010 7:19 pm
Forum: Opinions
Topic: How Often to Bid
Replies: 18
Views: 7021

Re: How Often to Bid

The same customer/client then ask you "What are the five compelling reasons why we should do business with you firm?" You cannot answer with any of these: 1) we get our certificates out on time 2) we been in business over 20 years 3) we have an experienced staff 4) we're fully automated 5) we'll get...
by tflood
Fri Apr 16, 2010 11:09 am
Forum: Opinions
Topic: How Often to Bid
Replies: 18
Views: 7021

Re: How Often to Bid

Scott- We chat again- interesting question.... For our firm, it's all about our "unique process." The "unique process" has nothing to do with insurance policies. So what do we say and why? "Mr client, as you know for our firm is all about "our unique process" and our intellectual capital. You even s...
by tflood
Thu Apr 15, 2010 11:24 am
Forum: Opinions
Topic: Producer Support
Replies: 7
Views: 3378

Re: Producer Support

Step #1 is to seperate sales and service. Producers unique abilities are not in support processes and procedures. They are rain makers who want to be "in the game" not the water boys. Producers are also normally "quick starts" and support and procedures folks are normally fact finders and follow thr...
by tflood
Tue Mar 23, 2010 3:15 pm
Forum: Opinions
Topic: Agent Selection in the Bid Process - Case Study
Replies: 18
Views: 4233

Re: Agent Selection in the Bid Process - Case Study

I'll be curious if you will comment back telling us that you met with 4 more ducks next week... And their unique 4 step sales process, copy, quote, pray, and beg And yes i am an agent w/ over 27 years in the business... and figured out how to differentiate and get out of the commodity business. I wa...
by tflood
Tue Mar 23, 2010 1:26 pm
Forum: Opinions
Topic: Agent Selection in the Bid Process - Case Study
Replies: 18
Views: 4233

Re: Agent Selection in the Bid Process - Case Study

Sounds like you have nothing more then a beauty contest go'n on. Frankly, I'd walk away before I get dumped on unless you as the consultant "really get it" and understand how we differeniate. I walked away from a large construction account because the consultant didn't 'get it.' All he wanted to kno...